The law firm of Oakes & Fosher is presently investigating the alleged misconduct of former securities broker Robert Montes. According to his publicly available FINRA BrokerCheck report, Robert Montes has been the subject of a customer complaint and a FINRA sanction.

Robert Montes was a Florida based securities broker. He worked in the securities industry for forty-two years. During his career, he was registered with eight different securities firms.

His Registrations

  • Merrill Lynch (1977-1990)
  • Oppenheimer & Co. (1979-1984)
  • E.F. Hutton & Company (1984-1988)
  • Lehman Brothers (1988-1993)
  • Salomon Smith Barney (1993-2000)
  • Prudential Securities Incorporation (2000-2003)
  • Wells Fargo (2003-2014)
  • Morgan Stanley (2014-2019)

The Allegations

  • In December 2010, a customer alleged that Robert Montes recommended unsuitable securities and made material misrepresentations while falsely claiming the customer’s performance goals were being met. This case was settled for $57,500 in damages.
  • Robert Montes was officially sanctioned by FINRA in July 2019. The findings in this matter state that he refused to comply with an investigation into allegations that he misused an elderly customer’s assets. Due to these allegations, he was barred by FINRA from acting as a securities broker in any fashion.

What Does This Mean?

Financial elder abuse is a very real problem in the securities industry. Elderly investors usually rely completely on their securities brokers to invest responsibly and intelligently on their behalf. Some less than scrupulous securities brokers take advantage of elderly investors’ diminished capacity to monitor their finances. It provides them ample opportunity to place them in highly unsuitable investments, trade their accounts excessively, or just misappropriate funds from them.

Oakes & Fosher Can Help

Many investors are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who have lost money in this fashion may actually be entitled to damages.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with Robert Montes, please contact Oakes & Fosher for a free and private consultation. Oakes & Fosher handles cases on a contingency basis, which means there are no fees charged unless we collect for you.